2024-9-4 00:46 |
XRP’s price continued to trend sideways on Tuesday following a rather strong move on Monday when it gained approximately 4.35% to close around $0.5681.
Notably, the years-long consolidation has been linked to the general macroeconomic conditions putting crypto assets down and the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) over the classification of XRP as securities. Despite these challenges, analysts believe XRP is poised for a parabolic bull run once the price breaks out of the current consolidation that has been pinning the price for close to 7 years.
On Tuesday, September 3, analyst “Dark Defender” shared his bullish outlook on X (formerly Twitter), suggesting that the seventh largest crypto asset could soon tap $18, following a breakout of the long consolidation between $0.6649 and $0.3917.
“We are having a Deja vu of 2017 by standing weeks in front of the XRP Bull Run. If a similar run is in place, $18.22, (NFA) the Fibonacci level of 361.80%, is expected to be the upper target level of Wave 3,” the pundit wrote.
The analyst further highlighted key technical indicators, noting that RSI dips have aligned with price movements and that a weekly RSI golden cross is now in place. He further emphasized that the $0.6649 level, crucial for confirming the next phase of the rally, now sits above the weekly Ichimoku clouds, signaling a potential bull phase.
This optimistic sentiment was echoed by analyst “CryptoInsighttUk,” who provided a historical perspective. Notably, the pundit pointed out that on January 7, 2018, XRP reached $3.37 with a dominance of approximately 15.5% in a $691 billion crypto market. Since then, XRP’s circulating supply has increased by around 69%. According to him, if XRP’s dominance rose to 15% today, its market cap could reach $330 billion, implying a price of about $5.50, assuming no overall market growth.
The analyst further speculated that if the total crypto market cap rises to $4($5T) or even $9 ($10T), XRP could reach between $11 and $27.5. However, he cautioned that the main barrier isn’t market cap but rather the ability of XRP to capture the same level of hype as before.
Adding to the chorus of bullish predictions, analyst Javon Marks reiterated his positive stance, drawing parallels to XRP’s previous bull run.
“XRP, right now, continues to be fresh off of action that looks highly reminiscent of the movement just before its >57,000% climb in 2017-2018. Prices can be on the brink of another extreme upside at an extreme level not seen in 6-7 years,” he tweeted.
XRP traded at $0.5689 at press time, reflecting a 1.58% gain over the past 24 hours.
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